Natco Pharma share price falls 5% on setback in US patent litigation
Natco and partner Alvogen are reviewing the order and will evaluate all options to appeal the judgment, the pharma firm has said
August 20, 2021 / 01:10 PM IST
Natco Pharma shares were down more than 5 percent in the afternoon trade on August 20 after a US district court ruled against the company and its partner Alvogen in patent litigation related to AbbVie's Imbruvica.
Imbruvica is used in the treatment of certain blood cancers.
Natco along with its partner Alvogen is reviewing the order and said it would ill evaluate all options to appeal the judgment. "We believe that we have a strong case and will continue to defend vigorously," Natco said in a statement to stock exchanges.
The setback came as the Delaware federal court upheld AbbVie's Pharmacyclics LLC and Johnson & Johnson's Janssen Biotech's four patents related to Imbruvica. AbbVie's Pharmacyclics owns the patents and markets the drug with Janssen Biotech.
Read: Natco faces setback in patent litigation in US for blockbuster cancer drug Imbruvica
At 1256 hours, Natco Pharma was quoting at Rs 914.50, down Rs 50.60, or 5.24 percent. It has touched an intraday high of Rs 965.50 and an intraday low of Rs 911.00.
The share touched a 52-week high of Rs 1,188.95 on May 24, 2021 and a 52-week low of Rs 732 on September 9, 2020. It is trading 23.08 percent below its 52-week high and 24.93 percent above its 52-week low.